Riyadh — Mubasher: Saudi Energy Company announced a new energy storage services agreement with the Saudi Power Procurement Company, known as the Principal Buyer, that was signed on 20 August 2026 following the project's award on the same date.
The project contract is valued at SAR 1.06 billion and involves Al Muwaih Battery Energy Storage System Independent Storage Project in Makkah, according to a bourse filing.
The facility will have a storage capacity of 500 MW/2000 MWh, with Saudi Energy holding a 35.1% ownership stake in the project.
Under the terms of the agreement, the company is responsible for the development, financing, construction, ownership, and operation of the independent battery storage system, including its connection to the grid substation.
The contract duration is 15 years starting from the date of commercial operation, while ACWA Power Company (Acwa) was identified as a related party in the transaction.
Moreover, the financial impact of the agreement will be clarified upon the completion of the financial close.
Saudi Energy also penned other agreements for Kahafah Battery Energy Storage System Independent Storage Project (IPS) as well as Haden Battery Energy Storage System ISP.
